Board of Trustees

Putnam's Board of Trustees Biographies

The following individuals are members of Putnam's Board of Trustees:

Independent Trustees

Ravi Akhoury

Born 1947
Trustee since 2009

Principal occupations during past five years

Advisor to New York Life Insurance Company. Trustee of American India Foundation and of the Rubin Museum. From 1992 to 2007, was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.

Other directorships:

Barbara M. Baumann

Born 1955
Trustee since 2010

Principal occupations during past five years

President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects. Trustee of Mount Holyoke College and member of the Investment Committee for the college's endowment. Former Chair and current board member of Girls Incorporated of Metro Denver. Member of the Finance Committee, The Children’s Hospital of Denver.

Jameson A. Baxter

Born 1943
Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011

Principal occupations during past five years

President of Baxter Associates, Inc., a private investment firm. Chair of Mutual Fund Directors Forum. Chair Emeritus of the Board of Trustees of Mount Holyoke College. Director of the Adirondack Land Trust and Trustee of the Nature Conservancy's Adirondack Chapter.

Charles B. Curtis

Born 1940
Trustee since 2001

Principal occupations during past five years

Former President and Chief Operating Officer of the Nuclear Threat Initiative, a private foundation dealing with national security issues. Senior Advisor to the Center for Strategic and International Studies. Member of the Council on Foreign Relations.

Other directorships:

Edison International; Southern California Edison

Robert J. Darretta

Born 1946
Trustee since 2007

Principal occupations during past five years

Health Care Industry Advisor to Permira, a global private equity firm. Until April 2007, was Vice Chairman of the Board of Directors of Johnson & Johnson. Served as Johnson & Johnson’s Chief Financial Officer for a decade.

Other directorships:

UnitedHealth Group, a diversified health-care company

John A. Hill

Born 1942
Trustee since 1985 and Chairman from 2000 to 2011

Principal occupations during past five years

Founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm focused on the worldwide energy industry. Serves as a Trustee and Chairman of the Board of Trustees of Sarah Lawrence College. Also a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at the Yale School of Management.

Other directorships:

Devon Energy Corporation, a leading independent natural gas and oil exploration and production company

Paul L. Joskow

Born 1947
Trustee since 1997

Principal occupations during past five years

Economist and President of the Alfred P. Sloan Foundation, a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance. Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). Prior to 2007, served as the Director of the Center for Energy and Environmental Policy Research at MIT.

Other directorships:

TransCanada Corporation, an energy company focused on natural gas transmission and power services; Exelon Corporation, an energy company focused on power services

Kenneth R. Leibler

Born 1949
Trustee since 2006

Principal occupations during past five years

Founder and former Chairman of Boston Options Exchange, an electronic marketplace for the trading of derivative securities. Vice Chairman of the Board of Trustees of Beth Israel Deaconess Hospital in Boston, Massachusetts. Until November 2010, director of Ruder Finn Group, a global communications and advertising firm.

Other directorships:

Northeast Utilities, which operates New England’s largest energy delivery system

Principal occupations during past five years

George Putnam, III

Born 1951
Trustee since 1984

Principal occupations during past five years

Chairman of New Generation Research, Inc., a publisher of financial advisory and other research services, and founder and President of New Generation Advisors, LLC, a registered investment advisor to private funds. Director of The Boston Family Office, LLC, a registered investment advisor.

W. Thomas Stephens

Born 1942
Trustee from 1997 to 2008 and since 2009

Principal occupations during past five years

Retired as Chairman and Chief Executive Officer of Boise Cascade, LLC, a paper, forest products, and timberland assets company, in December 2008. Prior to 2010, Director of Boise Inc., a manufacturer of paper and packaging products.

Other directorships:

TransCanadaPipelines Ltd., an energy infrastructure company

Interested Trustee

Robert L. Reynolds

Born 1952
Trustee since 2008 and President of the Putnam Funds since 2009

Principal occupations during past five years

President and Chief Executive Officer of Putnam Investments since 2008. Prior to joining Putnam Investments, served as Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007.